Kohl’s has announced the termination of its CEO, pointing to alleged breaches of company guidelines related to “conflicts of interest,” reportedly involving a former romantic relationship, as reported by PEOPLE. 

In a news release issued on Thursday, May 1, the department store chain stated that Ashley Buchanan’s employment was ended after he had been in the position for nearly four months. “An investigation conducted by outside counsel and overseen by the Audit Committee of the Board determined Mr. Buchanan violated company policies by directing the Company to engage in vendor transactions that involved undisclosed conflicts of interest, which the Board determined to be cause,” Kohl’s said in its statement. 

The company also clarified that Buchanan’s dismissal is not connected to the company’s “performance, financial reporting, results of operations and did not involve any other Company personnel.” Buchanan took on the role of CEO and board member at Kohl’s on January 15, replacing Tom Kingsbury. Prior to this, he was the CEO of the arts and crafts retailer Michaels.

As reported by The Wall Street Journal, his termination followed the discovery that Buchanan had led the company into a “highly unusual” business arrangement with consultant Chandra Holt, with whom he was romantically involved. The two reportedly met while working at Walmart years ago, and Holt has since become the founder and CEO of the coffee brand Incredibrew.

Holt told the paper that she’s known Buchanan for ten years but hasn’t “received any compensation for my Incredibrew business from Kohl’s.” 

#Clique, what are your thoughts?